REG - Future Metals NL - Quarterly Activities Report

Future Metals NLAnnouncement

30/07/2025 07:00

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RNS Number : 0483T  Future Metals NL  30 July 2025

30 July 2025

 

Future Metals NL

 

Quarterly Activities Report for period ending

30 June 2025

 

Future Metals NL ("Future Metals" or the "Company", ASX | AIM: FME) is pleased
to announce its Quarterly Activities and Cashflow Report for the quarter ended
30 June 2025 (the "Quarter").

Highlights

·    Execution of a Memorandum of Understanding with Zeta Resources to
assess the potential of Zeta Resources' Savannah Plant to process Eileen Bore
Cu-Ni-PGM & Panton PGM ores

·    Completion of a A$4.2 million capital raise (before costs),
consisting of:

o A placement raising A$1.58 million at 1.1 cents per share to Zeta Resources;

o A fully underwritten rights issue, raising ~A$2.64 million (1 for 3 basis)
with existing shareholders on same terms as placement; and

o Zeta Resources acquired a 12.4% stake in FME through the capital raise
process

·    Initiation of a CEO hiring process to drive exploration activities at
Eileen Bore as well as project development at Panton

·    Successful award of a co-funding grant from the WA Government's EIS
programme for ground electromagnetic programme at Eileen Bore

·    Strong PGM price appreciation creating favourable conditions to
progress continued development of Panton & Eileen Bore

 

 

Figure 1: Plan view of the planned geophysics programme over the Eileen Bore
tenements forming part of the Western Australian Governments EIS co-funded
exploration programme

Eileen Bore Prospect

EM Programme Co-Funded Award

Eileen Bore, located within 20 km of Future Metals' 100%-owned Panton Project,
forms part of the Alice Downs Corridor ("ADC") in the highly prospective East
Kimberley region of Western Australia. Recent drilling results indicate the
presence of broad zones of disseminated and net-textured copper and nickel
sulphides across the Eileen Bore Prospect. These intrusions host sulphide
assemblages including chalcopyrite, pyrrhotite, pentlandite, and pyrite.

In 2024, ground gravity surveys and drilling revealed that historical
mineralisation at Eileen Bore has been structurally offset approximately 300m
north from a significant 4.5 km-long northeast-southwest striking intrusion.
This body is now interpreted as the likely source of mineralisation at Eileen
Bore. Gravity data also identified numerous internal density variations and
north-south trending faults (refer to Figure 1), with hole EBDD003
intersecting 127m of fertile ultramafic including:

·      7.4m @ 0.46% Cu, 0.51% Ni, and 0.3g/t PGM ((3E))

This intercept, combined with the anomalous Ni-Cu-Pd-Pt-S over 127m, confirms
the fertility of the intrusion which was previously unknown.  Considering the
historical mineralisation is interpreted to be offset from this intrusion,
further zones similar to that intersected in EBDD002 which intersected 30m
@1.06% Cu, 0.45% Ni & 1.14g/t PGM((3E)) from 88.9m are key targets.

To refine targeting within the main intrusion, a ground electromagnetic (EM)
survey is planned. Historical EM work focused on the now-offset Eileen Bore
mineralisation, as the structural relationship to the southern intrusion was
unknown. The upcoming EM programme aims to identify conductive sulphide zones
within the 4.5 km intrusion to plan future drilling.

Future Metals has secured $63,375 in co-funding from the Western Australian
Government's Exploration Incentive Scheme ("EIS") Venture 2 to support this
geophysical programme.

 

Corporate

Capital Raising

During the Quarter, FME announced the execution of a strategic
infrastructure-based non-binding Memorandum of Understanding ("MOU") with Zeta
Resources Limited ("Zeta Resources") and completed a placement and fully
underwritten rights issue raising A$4.2 million before costs ("Capital
Raising").

Via the Capital Raising, Zeta Resources acquired a 12.4% interest in the
ordinary share capital of the Company.

Funds raised from the Capital Raising will be used primarily to advance the
development of the Eileen Bore Cu-Ni-PGM Prospect, targeting a bulk copper
feed source for the Savannah Plant, as well as for working capital purposes
and costs of the Fundraise.

Zeta Resources MOU

The non-binding MOU with Zeta Resources announced in the Quarter, is targeting
the collaborative assessment of the feasibility of Future Metals supplying ore
from its Eileen Bore Cu-Ni-PGM Prospect and/or Panton PGM Project to the
Savannah Mine processing plant.

Zeta Resources is an investment company specialising in acquiring resource
assets. Zeta Resources has a diversified portfolio, with interests in several
mining operations. Zeta Resources is the sole shareholder of Panoramic
Resources Limited, which owns the Savannah Mine processing plant, currently on
care and maintenance. The Savannah Mine processing plant represents a
significant opportunity for strategic partnerships to enhance shareholder
value.

Future Metals and Zeta Resources have agreed to assess the technical,
economic, and regulatory aspects of utilising alternate ore sources that may
come from Future Metals projects and prospects to the Savannah Mine processing
plant. This assessment will involve ongoing feasibility analysis, based on the
availability of technical and economic information. Should the assessment
yield positive results, the parties will negotiate in good faith for a
suitable commercial structure for future operations involving a combination of
Future Metals' ores and the Savannah Mine's processing plant.

Figure 2: Location of the Eileen Bore Cu-Ni-PGM Prospect and the Panton PGM
Project in proximity to the Savannah Mine

Figure 3: Savannah Mine infrastructure overview and concentrate export
facilities at the Port of Wyndham

 

Figure 4: Regional setting of the Panton PGM Project, Savannah Mine and the
Port of Wyndham

 

Improving Metal Price Environment & CEO Recruitment Process

Given the backdrop of prolonged depressed PGM prices, over the last 12 months
the Company has been focused on minimising corporate expenditure and
undertaking targeted low-cost, high-value expenditure activities at both
Eileen Bore and Panton.

Table 1: Performance of metal prices over 2025 to date (note: Copper price on
LME), prices as of 25 July 2025

 Metal      Current Price (USD)  Price Performance (Year to Date)
 Platinum   $9,790/t             56%
 Palladium  $1,255/oz            38%
 Copper     $1,423/oz            12%
 Nickel     $15,187/t            -1%

The combination of tailwinds of improving metal prices and Zeta Resources as a
Strategic Partners via the Capital Raise, Future Metals is now targeting a
ramp-up of its exploration and development activities at both Eileen Bore and
Panton.

The Company has initiated a process with the appointment of a CEO to drive its
projects forward and is expecting the results of this process to be announced
in the September quarter.

The Company continues to focus on efficient capital use, including maintaining
all directors at non-executive remuneration levels.

Financial Commentary

The Company held approximately A$3.92m in cash at the end of the Quarter.

Exploration and project development expenditure during the Quarter amounted to
approximately A$56k. Payments for administration and corporate costs amounted
to approximately A$289k. Also included in corporate costs were payments to
related parties and their associates of A$33k, comprising Director fees and
remuneration (including superannuation). The Quarterly Cashflow Report
(Appendix 5B) for the period ended 30 June 2025 provides an overview of the
Company's financial activities.

The Quarterly Cashflow Report (Appendix 5B) is available at the following link
: http://www.rns-pdf.londonstockexchange.com/rns/0483T_1-2025-7-29.pdf
(http://www.rns-pdf.londonstockexchange.com/rns/0483T_1-2025-7-29.pdf) and on
the Company's website Quarterly Reports - Future Metals NL
(https://future-metals.com.au/investor-centre/reports/quarterly-reports/) .

For additional information please refer to the ASX/AIM announcements covered
in this announcement:

10 April 2025                             FME
Execute Strategic Infrastructure MOU with Zeta Resources

7 May 2025                               Launch
of $2.64M Entitlement Offer

15 May 2025
Commencement of Entitlement Offer

15 May 2025
Entitlement Offer Details for DI Holders

27 May 2025
Entitlement Offer - Extension of Closing Date

4 June 2025
Entitlement Off Fully Underwritten

20 June 2025                             Results
of Non-Renounceable Entitlement Offer

The above announcements are available to view on the Company's website at
future-metals.com.au. The Company confirms that it is not aware of any new
information or data that materially affects the information included in the
relevant original market announcements. The Company confirms that the
information and context in which any Competent Person's findings are presented
have not been materially modified from the original market announcements.

 

This announcement is authorised for release by the Board of the Company.

 

 

For further information, please contact:

Appendix One | Exploration and Mining Permits

Exploration & Mining Permits changes during the Quarter

 

 Project  Location  Tenement  Interest at beginning of Quarter  Interest at end of Quarter
 Nil

Farm-In / Farm Out Agreement changes during the Quarter

 

 Joint Venture        Project       Location           Tenement  Interest at beginning of Quarter  Interest at end of Quarter
 Octava Minerals Ltd  Panton North  Western Australia  E80/5455  -                                 -
 Octava Minerals Ltd  Palamino      Western Australia  E80/5459  -                                 -

Future Metals may earn up to 70% in the two tenements listed above. Details of
the transaction can be found in the announcement 'Farm-In Agreement Over East
Kimberley Ni-Cu-PGE Prospects' released on 17 January 2023.

Interests in Mining & Exploration Permits & Joint Ventures at 30 June
2025

 

 Project                        Location           Tenement  Area     Interest at end of Quarter
 Panton PGM-Ni Project          Western Australia  M80/103   8.6km2   100%

                                                   M80/104   5.7km2   100%
                                                   M80/105   8.3km2   100%
 Panton North (OCT JV)          Western Australia  E80/5455  8 BL     -
 Alice Downs Corridor (OCT JV)  Western Australia  E80/5459  2 BL     -
 Alice Downs Corridor           Western Australia  E80/4922  1BL      100%
 Alice Downs Corridor           Western Australia  E80/4923  2BL      100%
 Alice Downs Corridor           Western Australia  E80/5056  10BL     100%

 

 

 

 

 

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